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Bonds Annual Disclosure Report 2013MUNICIPAL SECONDARY MARKET DISCLOSURE ANNUAL REPORT COVER SHEET This Cover Sheet and Annual Report are being filed with the Municipal Securities Rule Making Board through the Electronic Municipal Market Access ("EMMA") website pursuant to Securities and Exchange Commission Rule 15c2-12(b)(5)(i)(C)and(D). ISSUER (OBLIGATED PARTY): City of New Hope, Minnesota and the Economic Development Authority of the City of New Hope Issue Identification Date of Issue 6 -Digit CUSIP No. $4,080,000 General Obligation Tax Increment Bonds, Series 2004 04/01/04 645444 $1,370,000 General Obli ation Taxable Tax Increment Bonds, Series 2005A 03/01/05 64544P $1,850,000 General Obligation Certificates of Indebtedness and Refunding Bonds, Series 2010B 11/23/10 64544P $3,505,000 Taxable Lease Revenue Bonds (City of New Hope Annual Appropriation Lease Obligations) (Qualified Energy Conservation Bonds - Direct Payment to Issuer), Series 2011A 12/01/11 645449 $2,695,000 General Obligation Tax Increment Refunding Bonds, Series 2012A 01/11/12 64544P $1,330,000 General Obligation Taxable Tax Increment Refunding Bonds Series 2012B 01/11/12 1 64544P Limited Continuing Disclosure Requirements Date of Issue 6 -Digit CUSIP No. 1 $1,580,000 General Obligation Utility Revenue Bonds Series 2010A 5/06/10 64544P Ehlers & Associates, Inc. has been authorized by the Issuer to distribute this information: This Annual Report has been prepared and is being provided to the secondary market only in compliance with the contractual agreement of the Issuer, entered into in accordance with Rule 15c2-12 promulgated by the U.S. Securities and Exchange Commission, to update annually the following financial information and operating data which was provided in the Final Official Statement relating to the above noted obligations. The information provided in this Annual Report speaks only as of its date and is subject to change without notice. The delivery of this Annual Report may not under any circumstances, create an implication that there has been no other change to the information provided about the Issuer or otherwise in the Final Official Statement. The presentation of information in this Annual Report is intended to show recent historical information and is not intended to indicate future or continuing trends with respect to the Issuer. The Issuer has not agreed in any way to notes the secondary market ofsubsequent changes to the information in this Annual Report, other than an undertaking to provide notice of certain specific material events. Type of Filing: Electronic Report Deadline: December 31, 2013 40City of New Hope, Minnesota Date of Report: November 14, 2013 1- Municipal Secondary Market Disclosure Annual Report Page 1 Dissemination Agent Issuer Contact Name/Title: Bruce Kimmel, Financial Advisor Kirk McDonald, City Manager Contact Name/Title: Ginene Schultz, Senior Disclosure Coordinator Company: Ehlers & Associates, Inc. City of New Hope Address: 3060 Centre Pointe Drive Roseville, MN 55113 4401 Xylon Ave N New Hope, MN 55428-4843 Phone: (651)697-8500 (763)531-5100 FAX: (651) 697-0281 (763) 531-5136 Relationship to Issuer: Financial Advisor This Annual Report has been prepared and is being provided to the secondary market only in compliance with the contractual agreement of the Issuer, entered into in accordance with Rule 15c2-12 promulgated by the U.S. Securities and Exchange Commission, to update annually the following financial information and operating data which was provided in the Final Official Statement relating to the above noted obligations. The information provided in this Annual Report speaks only as of its date and is subject to change without notice. The delivery of this Annual Report may not under any circumstances, create an implication that there has been no other change to the information provided about the Issuer or otherwise in the Final Official Statement. The presentation of information in this Annual Report is intended to show recent historical information and is not intended to indicate future or continuing trends with respect to the Issuer. The Issuer has not agreed in any way to notes the secondary market ofsubsequent changes to the information in this Annual Report, other than an undertaking to provide notice of certain specific material events. Type of Filing: Electronic Report Deadline: December 31, 2013 40City of New Hope, Minnesota Date of Report: November 14, 2013 1- Municipal Secondary Market Disclosure Annual Report Page 1 ANNUAL FINANCIAL INFORMATION REPORT UPDATE CURRENT PROPERTY VALUATIONS 2012/13 Economic Market Value Real Estate Personal Property Total Valuation Less: Captured Tax Increment Tax Capacity2 Fiscal Disparities Contribution' Taxable Net Tax Capacity Plus: Fiscal Disparities Distribution' Adjusted Taxable Net Tax Capacity 2012/13 Assessor's Estimated Market Value $1,326,882,200 9,657,700 $1,336,539,900 $1,380,134,986 According to the Minnesota Department of Revenue, the Economic Market Value (the "EMV") for the City of New Hope is about 96.9% of the actual selling prices of property most recently sold in the City. The sales ratio was calculated by comparing the selling prices with the Assessor's Estimated Market Value (the "AEMV"). Dividing the AEMV of real estate by the sales ratio and adding the AEMV of personal property and utility, railroads and minerals, if any, results in an EMV for the City of $1,380,134,986. The captured tax increment value shown above represents the captured net tax capacity of tax increment financing districts in the City of New Hope. Each community in the seven -county metropolitan area contributes 40% of the growth in its commercial - industrial property tax base since 1972 to an area pool which is then distributed among the municipalities on the basis of population, special needs, etc. Each governmental unit makes a contribution and receives a distribution --sometimes gaining and sometimes contributing net tax capacity for tax purposes. IsCity of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 2 2012/13 Net Tax Capacity $ 15,476,014 188,654 $ 15,664,668 (366,752) (2,255,476) $ 13,042,440 3,448,346 $ 16,490,786 According to the Minnesota Department of Revenue, the Economic Market Value (the "EMV") for the City of New Hope is about 96.9% of the actual selling prices of property most recently sold in the City. The sales ratio was calculated by comparing the selling prices with the Assessor's Estimated Market Value (the "AEMV"). Dividing the AEMV of real estate by the sales ratio and adding the AEMV of personal property and utility, railroads and minerals, if any, results in an EMV for the City of $1,380,134,986. The captured tax increment value shown above represents the captured net tax capacity of tax increment financing districts in the City of New Hope. Each community in the seven -county metropolitan area contributes 40% of the growth in its commercial - industrial property tax base since 1972 to an area pool which is then distributed among the municipalities on the basis of population, special needs, etc. Each governmental unit makes a contribution and receives a distribution --sometimes gaining and sometimes contributing net tax capacity for tax purposes. IsCity of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 2 TREND OF VALUATIONS z 3 Levy Year 2008/09 2009/10 2010/11 2011/12 2012/13 Assessor's Estimated Market Value $1,735,271,200 1,629,433,100 1,504,929,000 1,438,796,300 1,336,539,300 Assessor's Taxable Market Value 1,732,235,700 1,625,802,600 1,500,570,100 3 1,329,979,513 1,223,862,183 Net Tax Capacity' 17,357,938 20,012,449 18,622,288 3 16,851,982 15,664,668 Adjusted Taxable Net Tax Capacity -2 21,179,543 20,180,906 19,007,650 17,132,074 16,490,786 Percent +/- in Estimated Market Value - 0.98% - 6.10% - 7.64% - 4.39% - 7.11% Net Tax Capacity is before fiscal disparities adjustments and includes tax increment and power line values. Taxable Net Tax Capacity is after fiscal disparities adjustments and does not include tax increment or power line values. Beginning with taxes 2011/12, a portion of the Estimated Market Value is excluded from the calculation of Taxable Market Value and Net Tax Capacity for residential homesteads valued at $413,800 or less. IsCity of New Hope, Minnesota Date of Report: November 14, 2013 - Municipal Secondary Market Disclosure Annual Report Page 3 LARGER TAXPAYERS City's Total 2012/13 Net Tax Capacity $15,664,668 Source: Current Property Valuations, Net Tax Capacity by Classification, Trend of Valuations and Larger Taxpayers have been furnished by Hennepin County. ' Previously listed as Paddock Laboratories LLC. IsCity of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 4 Percent of 2012/13 City's Total Net Tax Net Tax Taxpayer Type of Property Capacity Capacity FLS Properties Industrial $ 159,250 1.02% St. Therese Home Inc. Apartment 153,138 0.98% Perrigo Company' Industrial 151,890 0.97% Cobalt Industrial Reit II Industrial 143,850 0.92% Geneva Management Sery LLC Industrial 143,250 0.91% New Hope Distribution Center LLC Industrial 139,250 0.89% Minnesota Masonic Home No Ridge Apartment 133,450 0.85% Long Ridge Industrial Portfolio Industrial 132,110 0.84% Individual Industrial 128,410 0.82% New Hope/US Swim Partnership Commercial 120,190 0.77% Total $ 1,404,788 8.97% City's Total 2012/13 Net Tax Capacity $15,664,668 Source: Current Property Valuations, Net Tax Capacity by Classification, Trend of Valuations and Larger Taxpayers have been furnished by Hennepin County. ' Previously listed as Paddock Laboratories LLC. IsCity of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 4 DEBT DIRECT DEBT' General Obligation Debt (see schedules following) Total g.o. debt being paid from revenues $ 825,000 Total g.o. debt being paid from tax increment revenues 4,240,000 Total g.o. debt being paid from revenues and taxes 1,500,000 Total General Obligation Debt $ 6,565,000 Lease Purchase Obligations (see schedule following) Total EDA lease purchase obligations paid by annual appropriations $ 3,505,000 Outstanding debt is as of October 2, 2013. City of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 5 CITY OF NEW HOPE, MINNESOTA Schedule of Bonded Indebtedness General Obligation Debt Being Paid From Revenues (As of 10/02/13) 1) A portion of this issue refunded the 2011 through 2014 maturities of the City's $2,950,000 General Obligation Utility Revenue Bonds, Series 1999A, dated May 1, 1999. Prepared by Ehlers GO Revenues Utility Revenue 1) Dated 5/06/10 Amount $1,580,000 Maturity 2/01 Fiscal Year Total Total Total Principal Fiscal Year Ending Principal Interest Principal Interest P & I Outstanding % Paid Ending 2013 0 0 0 0 0 825,000 0.00% 2013 2014 270,000 18,355 270,000 18,355 288,355 555,000 32.73% 2014 2015 75,000 14,905 75,000 14,905 89,905 480,000 41.82% 2015 2016 75,000 13,264 75,000 13,264 88,264 405,000 50.91% 2016 2017 75,000 11,389 75,000 11,389 86,389 330,000 60.00% 2017 2018 80,000 9,205 80,000 9,205 89,205 250,000 69.70% 2018 2019 80,000 6,765 80,000 6,765 86,765 170,000 79.39% 2019 2020 85,000 4,144 85,000 4,144 89,144 85,000 89.70% 2020 2021 85,000 1,381 85,000 1,381 86,381 0 100.00% 2021 825,000 79,409 825,000 79,409 904,409 1) A portion of this issue refunded the 2011 through 2014 maturities of the City's $2,950,000 General Obligation Utility Revenue Bonds, Series 1999A, dated May 1, 1999. Prepared by Ehlers GO Revenues CITY OF NEW HOPE, MINNESOTA Schedule of Bonded Indebtedness General Obligation Debt Being Paid From Tax Increment Revenues (As of 10/02/13) Prepared by Ehlers GO TIF Refunding Tx TIF TIF Tx TIF Series 2012A 1) Series 2012B 2) Dated 4/01/04 3/01/05 • 1/11/12 1/11/12 Amount $4,080,000 $1,370,000 $2,695,000 $1,330,000 Maturity 2/01 2/01 2/01 2/01 Fiscal Year Total Total Total Principal Fiscal Year Ending Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest P & I Outstanding % Paid Ending 2013 0 0 0 0 0 0 0 0 0 0 0 4,240,000 0.00% 2013 2014 185,000 53,733 30,000 34,581 0 56,323 0 45,895 215,000 190,531 405,531 4,025,000 5.07% 2014 2015 215,000 54,173 55,000 45,524 270,000 99,696 369,696 3,755,000 11.44% 2015 2016 225,000 49,773 50,000 44,815 275,000 94,588 369,588 3,480,000 17.92% 2016 2017 225,000 45,273 50,000 44,015 275,000 89,288 364,288 3,205,000 24.41% 2017 2018 235,000 40,673 55,000 43,044 290,000 83,716 373,716 2,915,000 31.25% 2018 2019 240,000 35,923 55,000 41,848 295,000 77,770 372,770 2,620,000 38.21% 2019 2020 250,000 31,023 60,000 40,410 310,000 71,433 381,433 2,310,000 45.52% 2020 2021 250,000 26,023 65,000 38,685 315,000 64,708 379,708 1,995,000 52.95% 2021 2022 255,000 20,973 75,000 36,585 330,000 57,558 387,558 1,665,000 60.73% 2022 2023 260,000 15,628 85,000 33,973 345,000 49,600 394,600 1,320,000 68.87% 2023 2024 265,000 9,785 90,000 30,910 355,000 40,695 395,695 965,000 77.24% 2024 2025 275,000 3,369 95,000 27,506 370,000 30,875 400,875 595,000 85.97% 2025 2026 95,000 23,849 95,000 23,849 118,849 500,000 88.21% 2026 2027 105,000 19,894 105,000 19,894 124,894 395,000 90.68% 2027 2028 100,000 15,643 100,000 15,643 115,643 295,000 93.04% 2028 2029 100,000 11,293 100,000 11,293 111,293 195,000 95.40% 2029 2030 100,000 6,743 100,000 6,743 106,743 95,000 97.76% 2030 2031 95,000 2,209 95,000 2,209 97,209 0 100.00% 2031 185,000 53,7331 30,000 34,581 2,695,000 388,934 1,330,000 552,838 4,240,000 1,030,085 5,270,085 1) This issue refunded the 2015 through 2025 maturities of the City's $4,080,000 General Obligation Tax Increment Bonds, Series 2004, dated April 1, 2004. The City is responsible for paying the debt service on the refunded bonds through February 1, 2014. The escrow account is responsible for the payment of the debt service on the refunding bonds through February 1, 2014, thereafter, the City will be responsible for payment of debt service. 2) This issue refunded the 2015 through 2031 maturities of the City's $1,370,000 General Obligation Taxable Tax Increment Bonds, Series 2005A, dated March 1, 2005. The City is responsible for paying the debt service on the refunded bonds through February 1, 2014. The escrow account is responsible for the payment of the debt service on the refunding bonds through February 1, 2014, thereafter, the City Prepared by Ehlers GO TIF CITY OF NEW HOPE, MINNESOTA Schedule of Bonded Indebtedness General Obligation Debt Being Paid From Revenues and Taxes (As of 10/02/13) 1) This issue refunded the 2012 through 2022 maturities of the City's $850,000 General Obligation Storm Sewer Revenue Bonds, Series 2002A, dated April 1, 2002. A portion of this issue is subject to the debt limit ($1,245,000 G.O. Equipment Certificate portion). Prepared by Ehlers 5:47 AMab Cert. of Indebtedness & Refunding 1) Dated 11/23/10 Amount $1,850,000 Maturity 2/01 Fiscal Year Total Total Total Principal Fiscal Year Ending Principal Interest Principal Interest P & I Outstanding % Paid Ending 2013 0 0 0 0 0 1,500,000 0.00% 2013 2014 185,000 31,750 185,000 31,750 216,750 1,315,000 12.33% 2014 2015 190,000 28,000 190,000 28,000 218,000 1,125,000 25.00% 2015 2016 195,000 24,150 195,000 24,150 219,150 930,000 38.00% 2016 2017 195,000 20,250 195,000 20,250 215,250 735,000 51.00% 2017 2018 200,000 16,150 200,000 16,150 216,150 535,000 64.33% 2018 2019 205,000 11,540 205,000 11,540 216,540 330,000 78.00% 2019 2020 205,000 6,415 205,000 6,415 211,415 125,000 91.67% 2020 2021 60,000 2,850 60,000 2,850 62,850 65,000 95.67% 2021 2022 65,000 975 65,000 975 65,975 0 100.00% 2022 1,500,000 142,080 1,500,000 142,080 1,642,080 1) This issue refunded the 2012 through 2022 maturities of the City's $850,000 General Obligation Storm Sewer Revenue Bonds, Series 2002A, dated April 1, 2002. A portion of this issue is subject to the debt limit ($1,245,000 G.O. Equipment Certificate portion). Prepared by Ehlers 5:47 AMab ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF NEW HOPE, MINNESOTA Schedule of Bonded Indebtedness Non - General Obligation Debt Being Paid From Annual Appropriations (As of 10/02/13) 1) Gross amount prior to federal subsidy payment. Prepared by Ehlers EDA Non -GO Annual Appropriation Tx Lease Rev (QECB) Series 2011A Dated 12/01/11 Amount $3,505,000 Maturity 12/01 Fiscal Year Total Total Total Principal Fiscal Year Ending Principal Interest 1) Principal Interest P & I Outstanding % Paid Ending 2013 0 87,625 0 87,625 87,625 3,505,000 0.00% 2013 2014 0 175,250 0 175,250 175,250 3,505,000 0.00% 2014 2016 0 175,250 0 175,250 175,250 3,505,000 0.00% 2016 2016 0 175,250 0 175,250 175,250 3,505,000 0.00% 2016 2017 0 175,250 0 175,250 175,250 3,505,000 0.00% 2017 2018 0 175,250 0 175,250 175,250 3,505,000 0.00% 2018 2019 0 175,250 0 175,250 175,250 3,505,000 0.00% 2019 2020 0 175,250 0 175,250 175,250 3,505,000 0.00% 2020 2021 0 175,250 0 175,250 175,250 3,505,000 0.00% 2021 2022 0 175,250 0 175,250 175,250 3,505,000 0.00% 2022 2023 0 175,250 0 175,250 175,250 3,505,000 0.00% 2023 2024 0 175,250 0 175,250 175,250 3,505,000 0.00% 2024 2026 0 175,250 0 175,250 175,250 3,505,000 0.00% 2026 2026 0 175,250 0 175,250 175,250 3,505,000 0.00% 2026 2027 0 175,250 0 175,250 175,250 3,505,000 0.00% 2027 2028 3,505,000 175,250 3,505,000 175,250 3,680,250 0 100.00% 2028 3,505,000 2,716,375 3,505,000 2,716,375 6,221,375 1) Gross amount prior to federal subsidy payment. Prepared by Ehlers EDA Non -GO Annual Appropriation OVERLAPPING DEBT' 2012/13 City's Taxable Net % In Total Proportionate Taxing District Tax Capacity City G.O. Debt Share z Hennepin County $1,369,968,893 1.2037% $686,384,850 8,262,250 I.S.D. No. 281 (Robbinsdale) 84,125,755 19.6025% 158,910,000 31,150,399 3 Metropolitan Council 2,964,890,691 0.5562% 189,450,000 1,053,725 Three Rivers Park District 996,253,340 1.6553% 58,465,000 967,760 City's Share of Total Overlapping Debt $ 41,434,133 ' Only those taxing jurisdictions with general obligation debt outstanding are included in this section. Does not include non -general obligation debt, self-supporting general obligation revenue debt, short-term general obligation debt, or general obligation tax/aid anticipation certificates of indebtedness. z Hennepin County also has General Obligation Solid Waste Revenue Bonds outstanding which are payable entirely from the County's solid waste enterprise fund; General Obligation Bonds (Century Plaza Debt) which are expected to be paid from building rental fees from County departments and non -County tenants; and General Obligation Ice Arena Revenue Bonds which are expected to be paid from building rental payments from Augsburg College. These issues have not been included in the overlapping debt or debt ratios. 3 The above debt includes all outstanding general obligation debt supported by taxes of the Metropolitan Council. The Council also has general obligation sewer revenue, wastewater revenue, and radio revenue bonds and lease obligations outstanding all of which are supported entirely by revenues and have not been included in the Overlapping Debt or Debt Ratios sections. IsCity of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 10 DEBT RATIOS ' Debt service on the City's general obligation revenue debt is being paid entirely from revenues and therefore is considered self-supporting debt. Includes the portion of the City's $1,850,000 General Obligation Certificates of Indebtedness and Refunding Bonds, Series 2010B payable entirely from revenues ($510,000 remaining). IsCity of New Hope, Minnesota Date of Report: November 14, 2013 - Municipal Secondary Market Disclosure Annual Report Page 11 Debt/ Current Debt/Economic Population Market Value Estimate G.O. Debt ($1,380,134,986) (20,764) Direct G.O. Debt Being Paid From: Revenues $ 825,000 Tax Increment Revenues 4,240,000 Revenues & Taxes 1,500,000 Total General Obligation Debt $ 6,565,000 Less: G.O. Debt Paid Entirely from Revenues' $ (1,335,000) Tax Supported General Obligation Debt $ 5,230,000 0.38% $251.88 City's Share of Total Overlapping Debt $41,434,133 3.00% $1,995.48 Total $46,664,133 3.38% $2,247.36 ' Debt service on the City's general obligation revenue debt is being paid entirely from revenues and therefore is considered self-supporting debt. Includes the portion of the City's $1,850,000 General Obligation Certificates of Indebtedness and Refunding Bonds, Series 2010B payable entirely from revenues ($510,000 remaining). IsCity of New Hope, Minnesota Date of Report: November 14, 2013 - Municipal Secondary Market Disclosure Annual Report Page 11 TAX RATES, LEVIES AND COLLECTIONS TAX LEVIES AND COLLECTIONS Property taxes are collected in two installments in Minnesota --the first by May 15 and the second by October 15.3 Mobile home taxes are collectible in full by August 31. Minnesota Statutes require that levies (taxes and special assessments) for debt service be at least 105% of the actual debt service requirements to allow for delinquencies. This reflects the Final Levy Certification of the City after all adjustments have been made. Collections are through December 31, 2012. 3 Second half tax payments on agricultural property are due on November 15th of each year. City of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 12 Net Tax Total Collected Collected Tax Year Levy' Following Year to Date % Collected 2008/09 8,457,346 8,382,201 $ 8,457,346 100.00% 2009/10 8,753,646 8,647,589 8,753,646 100.00% 2010/11 8,847,586 8,719,181 8,833,784 99.84% 2011/12 9,202,427 9,102,355 9,118,242 99.09% 2012/13 9,571,103 r------------------------------------------------------ i in process of collection -----------------------------------------------------J Property taxes are collected in two installments in Minnesota --the first by May 15 and the second by October 15.3 Mobile home taxes are collectible in full by August 31. Minnesota Statutes require that levies (taxes and special assessments) for debt service be at least 105% of the actual debt service requirements to allow for delinquencies. This reflects the Final Levy Certification of the City after all adjustments have been made. Collections are through December 31, 2012. 3 Second half tax payments on agricultural property are due on November 15th of each year. City of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 12 TAX CAPACITY RATES' Hennepin County City of New Hope I.S.D. No. 281 (Robbinsdale) Hennepin County HRA Hennepin County RRA Metropolitan Council Metropolitan Mosquito Metropolitan Transit Park Museum Three Rivers Park District Referendum Market Value Rates: I.S.D. No. 281 (Robbinsdale) LEVY LIMITS 2008/09 2009/10 2010/11 2011/12 2012/13 40.413% 42.056% 45.187% 48.231% 49.461% 41.342% 45.542% 49.249% 55.196% 58.812% 27.214% 28.621% 34.387% 32.810% 32.374% 0.000% 0.241% 0.397% 0.403% 0.478% 0.380% 1.000% 1.246% 1.294% 1.561% 0.817% 0.793% 0.885% 0.940% 0.997% 0.489% 0.461% 0.525% 0.537% 0.556% 1.273% 1.366% 1.539% 1.607% 1.689% 0.771% 0.778% 0.815% 0.799% 0.754% 3.334% 3.499% 3.765% 3.943% 4.054% 0.22209% 0.22881% 0.23107% 0.27612% 0.29668% The State Legislature has periodically imposed limitations on the ability of municipalities to levy property taxes. In 2013, the Legislature imposed a one year levy limit on all counties with a population greater than 5,000, and all cities with a population greater than 2,500. These limitations do not apply to taxes levied to pay debt service. While these limitations apply for one year, the potential exists for future legislation to limit the ability of local governments to levy property taxes. All previous limitations have not limited the ability to levy for the payment of debt service on bonded indebtedness. For more detailed information about Minnesota levy limits, contact the Minnesota Department of Revenue or Ehlers & Associates. 'After reduction for state aids. Does not include the statewide general property tax against commercial/industrial, non -homestead resorts and seasonal recreational residential property. '� City of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 13 U.S. CENSUS DATA Population Trend: City of New Hope, Minnesota 2000 U.S. Census population 20,873 2010 U.S. Census population 20,339 2012 State Demographer's Estimate 20,764 Percent of Change 2000 - 2010 + -2.56% EMPLOYMENT/UNEMPLOYMENT DATA Rates are not compiled for individual communities within counties. Source: Minnesota Department of Employment and Economic Development. City of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 14 Average Employ Average Unemployment Year Hennepin County Hennepin County State of Minnesota 2009 608,577 7.5% 8.0% 2010 604,956 7.0% 7.4% 2011 617,557 6.1% 6.5% 2012 626,125 5.3% 5.6% 2013, August 639,543 4.8% 4.8% Source: Minnesota Department of Employment and Economic Development. City of New Hope, Minnesota Date of Report: November 14, 2013 Municipal Secondary Market Disclosure Annual Report Page 14 Ginene Schultz From: BVl MAN otifications@msrb.org Sent: Thursday, August 29, 2013 2:15 PM To: Ginene Schultz Subject: Published Submission Confirmation Your Continuing Disclosure Submission has been published. ,%bmissionld: E4475241 Di scl osu re Type: RNANClAUCR3?ATINGRUNGAudited Financial Elatementsor CAM (FU Ie 15c2-12): Audit for the year ended 12/31/2012 Document Name: Financial Operating Filing dated 08/29/2013 2012 Audit.New Hope.pdf posted 08/29/2013 3:07:19 PM The following Issuersare associated with this Continuing Disclosure Submission: CUSP6 Elate Issuer Name 645444 MN NEW HOPE M I NN 645449 MN NEW HOPE MINN B30NOM I C DEV AUTH LEAEE REV 64544P MN NEW HOPE M I NN The following 76 Securities have been published with this Continuing Disclosure Submission: SJcurity: CUSP- 645444785, Maturity Date - 02/01/2006 SJcurity: CUSP- 6454447S3, Maturity Date- 02/01/2007 SJcurity: CUSP- 6454447T1, Maturity Date- 02/01/2008 SJcurity: CUSP- 6454447U8, Maturity Date - 02/01/2009 SJcurity: CUSP- 6454447V6, Maturity Date - 02/01/2010 SJcurity: CUSP- 6454447W4, Maturity Date - 02/01/2011 SJcurity: CUSP- 6454447X2, Maturity Date - 02/01/2012 SJcurity: CUSP- 6454447W, Maturity Date- 02/01/2013 SJcurity: CUSP- 645444727, Maturity Date- 02/01/2014 SJcurity: CUSP- 6454448A1, Maturity Date - 02/01/2015 SJcurity: CUSP- 6454448139, Maturity Date - 02/01/2016 SJcurity: CUSP- 645444807, Maturity Date - 02/01/2017 SJcurity: CUSP- 6454448D5, Maturity Date- 02/01/2018 SJcurity: CUSP- 6454448E3, Maturity Date- 02/01/2019 SJcurity: CUSP- 6454448FO, Maturity Date- 02/01/2020 SJcurity: CUSP- 645444868, Maturity Date - 02/01/2021 SJcurity: CUSP- 6454448H6, Maturity Date - 02/01/2022 SJcurity: CUSP- 6454448.2, Maturity Date- 02/01/2023 SJcurity: CUSP- 6454448K9, Maturity Date - 02/01/2024 SJcurity: CUSP- 6454448L7, Maturity Date- 02/01/2025 SJcurity: CUSP- 645449AA7, Maturity Date - 12/01/2028 Sacurity: CU9P- 64544PAE3, Maturity Date - 02/01/2011 Sacurity: CU9P- 64544PAK9, Maturity Date - 02/01/2016 Sacurity: CU9P- 64544PAS2, Maturity Date - 02/01/2023 Sacurity: CU9P- 64544PBA0, Maturity Date - 02/01/2031 Sacurity: CU9P- 64544PBK8, Maturity Date - 02/01/2011 Sacurity: CU9P- 64544PBL6, Maturity Date- 02/01/2012 Sacurity: CU9P- 64544PBM4, Maturity Date- 02/01/2013 Sacurity: CU9P- 64544PBN2, Maturity Date - 02/01/2014 Sacurity: CU9P- 64544PBP7, Maturity Date - 02/01/2015 Sacurity: CU9P- 64544PBQ5, Maturity Date- 02/01/2016 Sacurity: CU9P- 64544PBM, Maturity Date- 02/01/2017 Sacurity: CU9P- 64544PBS1, Maturity Date- 02/01/2018 Sacurity: CU9P- 64544PBT9, Maturity Date - 02/01/2019 Sacurity: CU9P- 64544PBU6, Maturity Date - 02/01/2020 Sacurity: CU9P- 64544PBV4, Maturity Date- 02/01/2021 Sacurity: CU9P- 64544PBW2, Maturity Date - 02/01/2012 Sacurity: CU9P- 64544PBX0, Maturity Date - 02/01/2013 Sacurity: CU9P- 64544PBYB, Maturity Date - 02/01/2014 Sacurity: CU9P- 64544PBZ5, Maturity Date - 02/01/2015 Sacurity: CU9P- 64544PCA9, Maturity Date- 02/01/2016 Sacurity: CU9P- 64544PCB7, Maturity Date - 02/01/2017 Sacurity: CU9P- 64544PCC5, Maturity Date- 02/01/2018 Sacurity: CU9P- 64544PCD3, Maturity Date - 02/01/2019 Sacurity: CU9P- 64544PCE1, Maturity Date- 02/01/2020 Sacurity: CU9P- 64544PCF8, Maturity Date- 02/01/2021 Sacurity: CU9P- 64544POG6, Maturity Date - 02/01/2022 Sacurity: CU9P- 64544PCH4, Maturity Date- 02/01/2015 Sacurity: CU9P- 64544PCJD, Maturity Date- 02/01/2016 Sacurity: CU9P- 64544PCK7, Maturity Date - 02/01/2017 Sacurity: CU9P- 64544PCL5, Maturity Date- 02/01/2018 Sacurity: CU9P- 64544PCM3, Maturity Date - 02/01/2019 Sacurity: CU9P- 64544PCN1, Maturity Date - 02/01/2020 Sacurity: CU9P- 64544PCF6, Maturity Date - 02/01/2021 Sacurity: CU9P- 64544PCC►.4, Maturity Date - 02/01/2022 Sacurity: CU9P- 64544PCP2, Maturity Date - 02/01/2023 Sacurity: CU9P- 64544PCSD, Maturity Date- 02/01/2024 Sacurity: CU9P- 64544PCF8, Maturity Date- 02/01/2025 Sacurity: CU9P- 64544PG1/3, Maturity Date - 02/01/2016 Sacurity: CU9P- 64544PCW1, Maturity Date- 02/01/2017 Sacurity: CU9P- 64544PCX9, Maturity Date - 02/01/2018 Sacurity: CU9P- 64544POYT, Maturity Date- 02/01/2019 Sacurity: CU9P- 64544PCZ4, Maturity Date- 02/01/2020 Sacurity: CU9P- 64544PDA8, Maturity Date - 02/01/2021 Sacurity: CU9P- 64544PDB6, Maturity Date - 02/01/2022 Sacurity: CU9P- 64544PDC4, Maturity Date - 02/01/2023 Sacurity: CU9P- 64544PDD2, Maturity Date - 02/01/2024 Sacurity: CU9P- 64544PDE0, Maturity Date - 02/01/2025 Sacurity: CU9P- 64544PDF7, Maturity Date - 02/01/2026 Sacurity: CU9P- 64544PDG5, Maturity Date - 02/01/2027 Sacurity: CU9P- 64544PDH3, Maturity Date - 02/01/2028 Sacurity: CU9P- 64544PDJ0, Maturity Date- 02/01/2029 Sacurity: CU9P- 64544PDK6, Maturity Date- 02/01/2030 Q Sacurity: CUSP- 64544PDL4, Maturity Date - 02/01/2031 Sacurity: CUBP- 64544PDM2, Maturity Date- 02/01/2016 Sacurity: CUBP- 64544PDN0, Maturity Date- 02/01/2016 Rease follow the link to view this submission: http://emma.msrb.org/ Conti nui ngDisdosureVew/ Conti nuingDisdosureDetaiIs.aspx?submissionld=EA475241 Rease follow the link to make changes to t his submission: htt p:/ / emma. msrb.org/ Sibmi ssi on/ Cont i n u i ngDi sd osureTypeSal ect .aspx?si d=EA475241 RFAEEDO NOT RELY This is a system -generated e-mail. If you need assistance please contact the M ,9;B at 703-797- 6668 or you may obtain more information at www.msrb.org. Ginene Schultz From: BVl MAN otifications@msrb.org Sent: Thursday, November 14, 2013 11:45 AM To: Ginene Schultz Subject: Published Submission Confirmation Your Continuing Disclosure Submission has been published. ,%bmissionld: E8587653 DisdosureType: RNANClAUOPEFZA-nNGRUNGAnnA Financial Information and Operating Data (F;ble 15c2-12): Annual Fbport for t he year ended 12/ 31 / 2012 Document Name: Financial Operating Filing dated 11/14/2013 Annual Report . New Hope. pdf posted 11/14/2013 12: 35:08 PM The following Issuers are associated with this Continuing Disclosure Submission: CUSP6 Elate Issuer Name 645444 MN NEW HOPE M I NN 645449 MN NEW HOPE MINN B30NOM I C DEV AUTH LEAEE REV 64544P MN NEW HOPE M I NN The following 77 Securities have been published with this Continuing Disdosure Submission: Security: CUSP- 645444785, Maturity Date - 02/01/2006 Security: CUSP- 6454447S3, Maturity Date- 02/01/2007 Security: CUSP- 6454447T1, Maturity Date- 02/01/2008 Security: CUSP- 6454447U8, Maturity Date - 02/01/2009 Security: CUSP- 6454447V6, Maturity Date - 02/01/2010 Security: CUSP- 6454447W4, Maturity Date - 02/01/2011 Security: CUSP- 6454447X2, Maturity Date - 02/01/2012 Security: CUSP- 6454447W, Maturity Date- 02/01/2013 Security: CUSP- 645444727, Maturity Date- 02/01/2014 Security: CUSP- 6454448A1, Maturity Date - 02/01/2015 Security: CUSP- 6454448139, Maturity Date - 02/01/2016 Security: CUSP- 645444807, Maturity Date - 02/01/2017 Security: CUSP- 6454448D5, Maturity Date- 02/01/2018 Security: CUSP- 6454448E3, Maturity Date- 02/01/2019 Security: CUSP- 6454448FO, Maturity Date- 02/01/2020 Security: CUSP- 645444868, Maturity Date - 02/01/2021 Security: CUSP- 6454448H6, Maturity Date - 02/01/2022 Security: CUSP- 6454448.2, Maturity Date- 02/01/2023 Security: CUSP- 6454448K9, Maturity Date - 02/01/2024 Security: CUSP- 6454448L7, Maturity Date- 02/01/2025 Security: CUSP- 645449AA7, Maturity Date - 12/01/2028 Sacurity: CU9P- 64544PAE3, Maturity Date - 02/01/2011 Sacurity: CU9P- 64544PAK9, Maturity Date - 02/01/2016 Sacurity: CU9P- 64544PAS2, Maturity Date - 02/01/2023 Sacurity: CU9P- 64544PBA0, Maturity Date - 02/01/2031 Sacurity: CU9P- 64544PBK8, Maturity Date - 02/01/2011 Sacurity: CU9P- 64544PBL6, Maturity Date- 02/01/2012 Sacurity: CU9P- 64544PBM4, Maturity Date- 02/01/2013 Sacurity: CU9P- 64544PBN2, Maturity Date - 02/01/2014 Sacurity: CU9P- 64544PBP7, Maturity Date - 02/01/2015 Sacurity: CU9P- 64544PBQ5, Maturity Date- 02/01/2016 Sacurity: CU9P- 64544PBM, Maturity Date- 02/01/2017 Sacurity: CU9P- 64544PBS1, Maturity Date- 02/01/2018 Sacurity: CU9P- 64544PBT9, Maturity Date - 02/01/2019 Sacurity: CU9P- 64544PBU6, Maturity Date - 02/01/2020 Sacurity: CU9P- 64544PBV4, Maturity Date- 02/01/2021 Sacurity: CU9P- 64544PBW2, Maturity Date - 02/01/2012 Sacurity: CU9P- 64544PBX0, Maturity Date - 02/01/2013 Sacurity: CU9P- 64544PBYB, Maturity Date - 02/01/2014 Sacurity: CU9P- 64544PBZ5, Maturity Date - 02/01/2015 Sacurity: CU9P- 64544PCA9, Maturity Date- 02/01/2016 Sacurity: CU9P- 64544PCB7, Maturity Date - 02/01/2017 Sacurity: CU9P- 64544PCC5, Maturity Date- 02/01/2018 Sacurity: CU9P- 64544PCD3, Maturity Date - 02/01/2019 Sacurity: CU9P- 64544PCE1, Maturity Date- 02/01/2020 Sacurity: CU9P- 64544PCF8, Maturity Date- 02/01/2021 Sacurity: CU9P- 64544POG6, Maturity Date - 02/01/2022 Sacurity: CU9P- 64544PCH4, Maturity Date- 02/01/2015 Sacurity: CU9P- 64544PCJD, Maturity Date- 02/01/2016 Sacurity: CU9P- 64544PCK7, Maturity Date - 02/01/2017 Sacurity: CU9P- 64544PCL5, Maturity Date- 02/01/2018 Sacurity: CU9P- 64544PCM3, Maturity Date - 02/01/2019 Sacurity: CU9P- 64544PCN1, Maturity Date - 02/01/2020 Sacurity: CU9P- 64544PCF6, Maturity Date - 02/01/2021 Sacurity: CU9P- 64544PCC►.4, Maturity Date - 02/01/2022 Sacurity: CU9P- 64544PCP2, Maturity Date - 02/01/2023 Sacurity: CU9P- 64544PCSD, Maturity Date- 02/01/2024 Sacurity: CU9P- 64544PCF8, Maturity Date- 02/01/2025 Sacurity: CU9P- 64544PCU5, Maturity Date- 02/01/2015 Sacurity: CU9P- 64544PG1/3, Maturity Date - 02/01/2016 Sacurity: CU9P- 64544PCW1, Maturity Date- 02/01/2017 Sacurity: CU9P- 64544PCX9, Maturity Date - 02/01/2018 Sacurity: CU9P- 64544POYT, Maturity Date- 02/01/2019 Sacurity: CU9P- 64544PCZ4, Maturity Date- 02/01/2020 Sacurity: CU9P- 64544PDA8, Maturity Date - 02/01/2021 Sacurity: CU9P- 64544PDB6, Maturity Date - 02/01/2022 Sacurity: CU9P- 64544PDC4, Maturity Date - 02/01/2023 Sacurity: CU9P- 64544PDD2, Maturity Date - 02/01/2024 Sacurity: CU9P- 64544PDE0, Maturity Date - 02/01/2025 Sacurity: CU9P- 64544PDF7, Maturity Date - 02/01/2026 Sacurity: CU9P- 64544PDG5, Maturity Date - 02/01/2027 Sacurity: CU9P- 64544PDH3, Maturity Date - 02/01/2028 Sacurity: CU9P- 64544PDJ0, Maturity Date- 02/01/2029 Q Sacurity: CUBP- 64544PDK6, Maturity Date- 02/01/2030 Sacurity: CUBP- 64544PDL4, Maturity Date - 02/01/2031 Sacurity: CUBP- 64544PDM2, Maturity Date- 02/01/2016 Sacurity: CUBP- 64544PDN0, Maturity Date- 02/01/2016 Rease follow the link to view this submission: http://emma.msrb.org/ Conti nui ngDisdosureVew/ Conti nuingDisdosureDetaiIs.aspx?submissionld=X87653 Rease follow the link to make changes to t his submission: htt p:/ / emma. msrb.org/ Sibmi ssi on/ Cont i n ui ngDi sd osureType,'3al ect .aspx?sid=X87653 RFAEEDO NOT RELY This is a system -generated e-mail. If you need assistance please contact the M ,9;B at 703-797- 6668 or you may obtain more information at www.msrb.org. Ginene Schultz From: BVl MAN otifications@msrb.org Sent: Wednesday, November 13, 2013 1:55 PM To: Ginene Schultz Subject: Published Submission Confirmation Your Continuing Disclosure Submission has been published. ,%bmissionld: BR587152 DisdosureType: RNANClAUOP3?A-nNGRUNG Budget: Budget for the year ended 12/31/2013 Document Name: Rnancial Operating Rlingdated 11/13/2013 BUDGET 2013 New Hope. pdf posted 11/13/20132:47:28 PM The following Issuers are associated with this Continuing Disdosure Sibmission: CUSP6 Elate Issuer Name 64544P MN NEW HOPE M I NN The following 11 Securities have been published with this Continuing Disclosure Submission: SJcurity: CUSP- 64544PBKB, Maturity Date - 02/01/2011 SJcurity: CUSP- 64544PBL6, Maturity Date- 02/01/2012 SJcurity: CUSP- 64544PBM4, Maturity Date- 02/01/2013 SJcurity: CUSP- 64544PBN2, Maturity Date - 02/01/2014 Security: CUSP- 64544PBP7, Maturity Date - 02/01/2015 Security: CUSP- 64544PBQ5, Maturity Date- 02/01/2016 Security: CUSP- 64544PBR3, Maturity Date- 02/01/2017 Security: CUSP- 64544PBS1, Maturity Date- 02/01/2018 Security: CUSP- 64544PBT9, Maturity Date - 02/01/2019 Security: CUSP- 64544PBU6, Maturity Date - 02/01/2020 Security: CUSP- 64544PBV4, Maturity Date- 02/01/2021 Rease follow the link to view this submission: htt p:// emma.msrb.org/ Conti nui ngDisdosureV ew/ Conti nui ngDisclosureDetaiIs.aspx?submissionld=BF;587152 Rease follow the link to make changes to t his submission: htt p:/ / emma. msrb.org/ Sibmi ssi on/ Conti nui ngDi sd osureTypeSrl ect .aspx?§d=BF,587152 RFAScDO NOT RELY This is a system -generated e-mail. If you need assistance please contact the MS;B at 703-797- 6668 or you may obtain more information at www.msrb.org.